Indian benchmark indices ended slightly higher on Friday led by gains in information technology and financial services stocks. The market settled higher for the fifth session consecutively today, ending at a four-month high.
On Friday, both Nifty50 and Sensex ended 0.2 percent higher at 17,699.15 and 59462.78, respectively.
“I think there is going to be a move upwards. And that is actually going to cause a lot of pain to traders and investors, because maybe they have missed out on the rally,” said Dipan Mehta, Director at Elixir Equities.
The most pleasant aspect, that Mehta noted is the positive fund flows, which are coming from Foreign Institutional Investors.
“Right through the last several months, FIIs have been continuously selling and billions of dollars have been sold and yet the market is pretty much in its zone. It has not completely collapsed and now we are just seeing some marginal buying coming in from them. And Nifty has rallied by about 1000 plus points, and Sensex by beyond 3000 points or so,” he said.
So he is of the view that if the market sees more fund inflows from foreign portfolio investors, then this market can certainly scale to higher levels just on account of liquidity, and many people waiting in the sidelines with cash in their portfolio or short positions are going to feel the pain in their investment portfolios and trading positions.
Here's how the Rupee ended today:
Global markets
Key indices in Europe were trading higher while MSCI’s broadest gauge Asia Pacific ex-Japan was up 0.3 percent.
Investors scaled back views on how far US interest rates and inflation can climb, while oil recouped some of the previous week's losses.
A slight easing of inflation readings drove global stocks higher and capped a rising dollar this week, though a string of US Federal Reserve speakers dampened expectations of the central bank going slow on further policy tightening.
S&P futures were trading 0.4 percent higher indicating a positive start for the Wall Street.
